Bitcoin (BTC) Short-Term Holders Dump 642,366 BTC, Here's What It Means

Cryptocurrency markets are trading relatively lower or flat as Bitcoin short-term holders are offloading more than before.

Cryptocurrency markets are trading relatively lower or flat as Bitcoin short-term holders are offloading more than before.

What Happened: While many aspire to be diamond hands ?? and HODL, short-term holders actually have a big impact on #Bitcoin's price.

When they buy, $BTC typically rises, but when they sell, the market feels the pain.

Since mid-August, these holders have offloaded 642,366 #BTC!

Top Losers:

Trader Notes: As Bitcoin has been trading relatively flat and stuck in a range for the past few days, chart trader Peter Brandt noted three things: the first being an ongoing series of lower highs and lower lows, the second one being the downward slope of lows showing lack of energy and lastly he adds that in no other post-halving time in Bitcoin history has the crypto king has taken so long to reach all-time high levels.

Providing a slightly longer-term view, Rekt Capital marks $58,300 as the key level for a weekly close to get into new resistance.

#BTC Bitcoin is showing initial signs of turning the blue Higher Low and the Channel Bottom (black) into new resistance for the time being

Still has almost a full week to turn it all around

Needs to Weekly Close above ~$58300 at the end of the week$BTC #Crypto #Bitcoin

CryptoCon in a detailed technical analysis reflects on the reliability of rainbow models and log curves, noting their success in predicting Bitcoin’s 2021 peaks. The trader believes Bitcoin could reach up to $180,000 by the end of next year, following the most optimistic curve.

Despite the sideways movement in Bitcoin’s price since March 2024, which has caused boredom and fear among investors, the author emphasizes that the final crypto rally is yet to come. While long-term holders are suggested to stay patient, the next exciting phase, dubbed “Red Year 2025,” is approaching, CryptoCon said.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

See More: Best Cryptocurrency Apps

Photo via Shutterstock.

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